Stockmann's department stores plow still at a loss

department store company stockmann's earnings remained roughly unchanged in the third quarter. in July-September, adjusted operating profit was 5.4 million e

31 October 2019 Thursday 01:01

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department store company stockmann's earnings remained roughly unchanged in the third quarter.

in July-September, adjusted operating profit was 5.4 million euros, while it at the same time last year was 5.9 million. Net sales decreased three percent from one year ago and was 225,3 million.

the Group belonging to the clothing store chain Lindex improved its performance in July-September, but the Stockmann department store division's earnings remained still at a loss.

the Interim report according to Stockmann to figure out still Lindex ownership of strategic options, i.e. in practice the Lindex selling. Lindex's sales does not, however, solve the stockmann's fundamental problem, namely a poorly profitable goods house in the trade.

the department store unit revenue contraction continued in the third quarter. Stockmann, according to the development background were previously carried out in the centre of Helsinki the book of the house and the st. Petersburg Nevsky Centre real estate sales.

president and Ceo Jari Latvanen said stockmann's transformation process proceeding as planned. Latvasen according to Stockmann to continue valikoimiensa reform and in particular the Tampere department store has launched a series of reforms.

at Stockmann is going to kulukuuri, which the company is seeking at least eur 40 million of annual savings. According to the company, the savings should start to appear already in the end of this year and clearly next year's results.

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